Central banks in emerging markets countries are actively improving existing and introducing new monetary policy instruments. An urgent task is to study the experience of applying asset repurchase programs by central banks of those countries where full-scale hostilities took place with the occupation of part of the sovereign territory, as well as significant infrastructure damage with further significant reduction of key macroeconomic indicators. This article is devoted to highlighting the results of research aimed at studying the experience of asset repurchase programs by central banks in emerging markets countries with a focus on developing practical recommendations for monetary policy management for the national regulator in modern conditions. The conditions under which it would be more attractive for the central bank to start an asset repurchase program than to use standard instruments have been specified. The peculiarities of the application of asset repurchase programs in countries with developed market economies and in countries with emerging markets are revealed. It is justified why APP programs in emerging markets are smaller in scale and duration. The main channels of APP transmission are analyzed. It has been shown that the impact and effectiveness of each channel can vary from country to country depending on these factors. Structural factors and the degree of APP sterilization play an important role in the effectiveness of the channels. The article identifies key factors that determine the risks associated with the effectiveness of APP in emerging markets. It is proved that for the effective application of APP in the realities of Ukrainian economy it is necessary to promote the further development of the financial market. Achieving a long period of price stability and increasing confidence in the central bank will only help increase the efficiency of APP. Prospective directions of increasing the efficiency of asset repurchase programs are outlined, taking into account some specific features of the current macroeconomic situation in Ukraine. The obtained results potentially will improve the management of the processes of evaluation and analysis of the effectiveness of the use of unconventional monetary policy instruments, as well as the evaluation of the effectiveness of the use of monetary levers of the macro-financial stabilization mechanism.